Skylights. Kitchens with two dishwashers. An outdoor track on top of the building.

Are you thinking a graduate student dorm? If not, you should be.

University of Michigan's Board of Regents approved the design for an eight-story, $185 million residence hall for graduate students during a public meeting Thursday. The hall will be located on the corner of South Division and Packard streets.

In April, Charles Munger, the vice chairman of Berkshire Hathaway Inc. who attended U-M for two years in the 1940s, donated $100 million toward building the 370,000-square-foot dorm and $10 million for fellowships for students who live there.

The dorm includes seven floors of apartments, most of which will have seven bedrooms. There will be 96 apartments and 632 bedrooms in the building. The eighth floor includes a solarium, community spaces, a commissary and an outdoor balcony that wraps around the floor and doubles as a running track. There's also music practice rooms, a media room and a gym inside the dorm.

The seven-bedroom apartments have about 1,000 feet of common space, including two dining room tables that double as study areas, a lounge area and a kitchen with two ranges, two sinks and two dishwashers. Rooms have their own bedroom, double beds and nine-foot desks.

U-M housing officials have told students that the cost of living in the dorm will likely range between $1,000 and $1,500 a month, according to a letter from graduate student body president Phillip Saccone to regents.

Construction is expected to begin sometime this fall and end by fall 2015.

U-M purchased eight properties within the past year to make way for the dorm.

In December 2012, the university bought 551 and 545 S. Division St., on which sits two apartment buildings and the Blimpy Burger building, for $1.5 million. In April 2013, the school's regents approved the purchase of 535 and 537 S. Division St. and 401 and 409 E. Madison St. for $3.17 million. David Copi, of Copi Properties, sold 541 and 543 S. Division St. to U-M after the school threatened to use eminent domain.

The properties, coupled with an existing surface parking lot that the university owns on Thompson Street, will be razed within the next few weeks to make way for the new building, U-M Chief Financial Officer Tim Slottow said.

A lounge in the Munger dorm.

Not everyone at U-M is happy with the dorm's design. Several graduate students —including U-M's graduate student body president— have expressed concern with the design and the price of rent at the building.

Kaitlin Flynn, a fourth-year Ph.D. candidate, told regents Thursday that graduate students usually live off of small, fixed incomes and have loan payments. She said students are worried the cost of living in the new dorm will be "completely out-of-reach of many, if not all, of the graduate students on campus."

She also said that graduate students, many of whom are in their late 20s or 30s, will likely be hesitant about community living.

"It seems that this project has evoked that graduate students are merely older versions of undergraduates," she told regents during a public comments section.

Added Saccone in a letter to regents:

"The Munger Graduate Residence is unlikely to fulfill the personal and professional needs of most graduate students. While the university may well find students to live there, the current design and projected cost make the Munger Residence a less-desirable alternative to current graduate residences on campus, or off-campus housing in the surrounding community."

U-M graduate students have few options in terms of existing on-campus housing. There are townhouses and apartments on North Campus, the majority of which were built in the 1950s and the newest of which was built 42 years ago. Law students have the option of living on campus in the Lawyer's Club, a residence hall that just received a $39 million renovation— $20 million of which was provided by Munger.